What Millennials Should Know About Life Insurance

Millennials Should Know About Life InsuranceMillennials Should Know About Life Insurance

Millennials, use this knowledge to your advantage when deciding on life insurance.

The millennial generation has come to be the largest and most educated generation the U.S. has ever seen. Even so, Millennials are also the most underinsured. One in four adults between the ages 18 and 29 don’t have health insurance, and even fewer have life insurance. While you can’t purchase life insurance as easily as you can summon an Uber or text for a pizza delivery, coverage does work to protect families, even as a Millennial.

Life insurance serves many purposes.

Life insurance covers a number of expenses your family might deal with, both in the long-term and immediately after your death. Different areas with which life insurance can help include:

  • Covering the absence of your income
  • Funeral and memorial costs
  • Enable your beneficiaries to hire people for services that you provided
  • College fees for your kids
  • Paying off bills such as credit card debt, your mortgage, etc.

There are two varieties.

Another thing you should know about life insurance is that there are two main types: term and permanent. Term insurance is the simplest and least expensive of the two, while also being the most widely available. It covers you for a set period of time. Permanent life insurance covers you for your entire life and comes with a savings mechanism called ‘cash value,’ which assures that your policy stays in perpetuity.

Term insurance is cheaper while you’re young.

Experts always advise getting term insurance before turning 30 because it costs less the younger you are. This is because when you’re younger, you are generally in better health and have a lower risk of dying suddenly. When a person gets older, his or her health risks increase – and so does the premium. Lock in a low rate now!

With the professionals at American Premier Insurance, you’re in good hands. We work to find coverage suitable for your family, needs, and budget so that you don’t have to. We’re able to walk you through the process and explain everything along the way. Visit us today in Phoenix, Arizona to get started.